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PINEHURST, INC. v. O'LEARY BROS. REALTY, INC.

No. 8420SC1234.

338 S.E.2d 918 (1986)

PINEHURST, INC. and Pinehurst Receivables Associates, Inc. v. O'LEARY BROTHERS REALTY, INC. Timothy W. O'Leary. and Dennis O'Leary.

Court of Appeals of North Carolina.

February 4, 1986.

Attorney(s) appearing for the Case

Petree, Stockton, Robinson, Vaughn, Glaze & Maready by J. Robert Elster, G. Gray Wilson and Jeffrey C. Howard, Winston-Salem, for plaintiffs-appellees.

Barringer, Allen & Pinnix by Noel L. Allen and Miriam J. Baer, Raleigh and Thigpen & Evans by John B. Evans, Pinehurst, for defendants-appellants.

BECTON, Judge.

Each of the parties is engaged in selling or developing real estate in Moore County, particularly in the Pinehurst resort area. In December 1976 Timothy and Dennis O'Leary, the individual defendants who jointly own O'Leary Brothers Realty, Inc., bought a forty-acre tract of land which adjoins a tract of residential lots that plaintiff Pinehurst, Inc. (Pinehurst) was then selling.

The forty-acre tract was secured by the O'Learys' note and deed...

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